FORECAST :USD/CHF technical analysis: Bulls challenge 3-day old trading range resistance, focus remains on NFP
- The USD/CHF pair regained positive traction on Friday and is currently placed at the top end of its three-day-old trading range, around the 0.9870 region.
- Given that an early downtick showed some resilience below 100-hour SMA, the up-move support prospects for an eventual near-term bullish breakout.
Meanwhile, the recent consolidative price action around the 50% Fibo. level of the 1.0016-0.9693 slide constituted towards the formation of a bullish continuation – rectangle pattern on the 1-hourly chart and pointed to a brief pause in the trend – bullish in this case.
Moreover, technical indicators on hourly charts have been gaining positive traction and add credence to the near-term bullish outlook, which will be further reinforced on a sustained move beyond 61.8% Fibo. resistance near the 0.6900 round figure mark.
Above the mentioned handle, the pair is likely to accelerate the up-move towards testing 0.9955-60 intermediate resistance before eventually aiming to reclaim the parity mark, though bulls are likely to hold back ahead of Friday’s US monthly jobs report.
On the flip side, the lower end of the recent trading range, around the 0.9835 region might continue to protect the immediate downside, which if broken might negate the bullish bias and turn the pair vulnerable to resume its prior depreciating trend.
|Today last price||0.9873|
|Today Daily Change||0.0025|
|Today Daily Change %||0.25|
|Today daily open||0.9848|
|Previous Daily High||0.9872|
|Previous Daily Low||0.9844|
|Previous Weekly High||0.9815|
|Previous Weekly Low||0.9693|
|Previous Monthly High||1.0017|
|Previous Monthly Low||0.9693|
|Daily Fibonacci 38.2%||0.9855|
|Daily Fibonacci 61.8%||0.9861|
|Daily Pivot Point S1||0.9837|
|Daily Pivot Point S2||0.9827|
|Daily Pivot Point S3||0.9809|
|Daily Pivot Point R1||0.9865|
|Daily Pivot Point R2||0.9883|
|Daily Pivot Point R3||0.9893|